Loading...
•
Mar 31, 2024
SoFi Q1 2024 Earnings Report
SoFi's Q1 2024 was marked by strong revenue growth, GAAP profitability, and increased member base.
Key Takeaways
SoFi Technologies reported a strong start to 2024 with significant momentum in revenue growth and diversification towards Financial Services and Tech Platform segments. The company achieved GAAP net income of $88 million and adjusted net revenue of $581 million, representing 26% year-over-year growth. Management raised FY24 guidance based on the strong Q1 performance.
Total net revenue increased by 37% year-over-year to $645 million.
Achieved net income of $88 million, marking the second consecutive quarter of GAAP profitability.
Adjusted net revenue grew 26% year-over-year to $581 million.
Total deposits grew by a record of $3.0 billion, up 16% during the first quarter to $21.6 billion at quarter-end.
SoFi
SoFi
SoFi Revenue by Segment
Revenue by Segment
Lending Revenue
CapyFin.comTechnology Platform Revenue
CapyFin.comFinancial Services Revenue
CapyFin.com Forward Guidance
SoFi provided guidance for full year 2024, expecting adjusted net revenue of $2.39 to $2.43 billion and adjusted EBITDA of $590 to $600 million. They also expect GAAP net income of $165 to $175 million and GAAP EPS of $0.08 to $0.09.
Positive Outlook
- Adjusted net revenue of $2.39 to $2.43 billion
- Adjusted EBITDA of $590 to $600 million
- GAAP net income of $165 to $175 million
- GAAP EPS of $0.08 to $0.09
- Growth in tangible book value of approximately $800 million to $1 billion
Challenges Ahead
- Lending revenue will be 92% to 95% of 2023 levels
- Tech Platform will grow approximately 20% year over year
- Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures
- The company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations
- Management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures
Revenue & Expenses
Visualization of income flow from segment revenue to net income